Big Lots is reportedly weighing the possibility of filing for bankruptcy due to declining sales. The discount retailer is considering filing for bankruptcy as a potential option, Bloomberg reported late Wednesday, citing people with knowledge of the plans. A source familiar with the situation told the outlet that Big Lots is trying to dodge Chapter 11 by hunting for investors. BIG LOTS COULD POTENTIALLY CLOSE 315 STORES Bloomberg's report came about two-and-a-half months after the discount retailer flagged ...

The market expects Big Lots (BIG) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended July 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on Sep ...

Key Takeaways Big Lots shares tumbled following reports the discount retailer is considering filing for bankruptcy protection in the coming weeks. The company is also looking for investments as a way to avoid filing for Chapter 11 bankruptcy, Bloomberg reported. Declining sales have hampered Big Lots' earnings and stock price. Discount retailer Big Lots (BIG) is reportedly seeking investors to avoid filing for Chapter 11 bankruptcy protections after an extended decline in sales and several quarters of losse ...

Big Lots is reportedly considering bankruptcy amid continued declines in sales. The off-price home goods retailer received a loan earlier this year to help it navigate a liquidity crunch and is now seeking investors in an attempt to avoid bankruptcy, Bloomberg reported Wednesday (Aug. 28), citing unnamed sources. No final decision has been made on any of these plans, according to the report. The retailer has seen years of sales declines, per the report. Big Lots did not immediately reply to PYMNTS' request ...

Closeout Deal Includes Halloween Indoor and Outdoor Décor; Children, Adult and Pet Costumes; and Trickor-Treat Essentials For 50-70% Less Than Original Retail Pricing COLUMBUS, Ohio, Aug. 20, 2024 /PRNewswire/ -- Big Lots, Inc. (NYSE: BIG), today announced the acquisition of its biggest extreme bargain Halloween closeout ever after purchasing a well-known national party supply retailer's overstock, originally valued at $11 million. The deal covers hundreds of new Halloween items, including indoor and outdoo ...

Company to Broadcast Conference Call COLUMBUS, Ohio, Aug. 15, 2024 /PRNewswire/ -- Big Lots, Inc. (NYSE: BIG) today announced it will report the results for the second quarter of fiscal 2024 on Friday, September 6, 2024. The company will host a conference call at 8:00 a.m. Eastern Time on Friday, September 6, 2024. A live webcast of the call will be available through the Investor Relations section of its website at http://www.biglots.com/corporate/investors/ or by phone by dialing 877.407.3088 (Toll Free) o ...

In some cases, a market downturn is an invitation to acquire shares of compelling enterprises at a deep discount. It's akin to buying winter jackets in the summer at bargain rates. Yes, they may be last year's fashion and they're not relevant at the moment. Eventually, though, they'll be worth their weight in gold. On the other hand, some companies may be doomed, which brings us to stocks to sell. It's a difficult concept to discuss because of the hard emotions involved. I'm going to tread carefully as a re ...

New Survey Shows That Bargain Shopping Provides More Than Just Cost Savings; 85% Say They Bargain Shop for the 'Thrill of Finding Deals'; 62% Find It Therapeutic COLUMBUS, Ohio, Aug. 9, 2024 /PRNewswire/ -- In celebration of National Bargain Hunting Week, Aug. 12- 18, Big Lots, Inc. (NYSE: BIG) today announced a series of new bargain-focused initiatives and shared the results of a new survey examining American's bargain shopping habits. In celebration of National Bargain Hunting Week, Aug. 12-18, Big Lots, ...

Store Closures and Financial Adjustments - The company has increased the number of permitted store closures to a maximum of 315, up from the previously allowed 150, as part of amendments to its credit agreement and term loan facility [1] - The credit agreement's aggregate commitments were reduced by $100 million to $800 million, and the borrowing interest rate was increased by 50 basis points [2] - The company is taking aggressive actions to address underperforming stores, including closing certain locations, as part of its strategy to build a stronger business [2][3] Company Strategy and Performance - The company is focused on returning to its roots, owning the bargain space, and delivering unmistakable value to customers [4] - Big Lots has identified five key actions: owning bargains, communicating unmistakable value, increasing store relevance, winning customers for life through omnichannel efforts, and driving productivity [5] - The company aims to drive positive comparable sales growth in the latter part of the year and into 2025, while maintaining year-over-year gross margin rate improvements [5] Financial and Market Performance - Shares of Big Lots increased by over 21% on Wednesday but remain down nearly 86.5% from the start of the year [5] - The company had previously indicated 35 to 40 store closures and three openings expected this year, while also expressing substantial doubt about its ability to continue due to inflation-related pullbacks in consumer spending [4]

Big Lots, the Ohio-based big box discount retailer with nearly 1,400 stores nationwide, is planning to close up to 315 stores in some three dozen states as persistently high inflation has kept customers away — putting the company in danger of bankruptcy. The company submitted a filing with the Securities and Exchange Commission outlining the updated terms of a loan agreement with PNC Bank. The initial agreement called for the closure of up to 150 stores while the amended agreement stipulated that it may nee ...